Public covered all topics affecting the lives and work of public sector executives through interviews, analysis, reports and supplements.
It had an ABC-certified circulation of 12,672.
Public's website will be relaunched next month as it was previously used solely for magazine copy.
The B2B title's March issue will be its last. It becomes the latest specialist magazine to fall victim in the struggling media sector.
Yesterday, Haymarket announced it was shutting down Printing World and merging the monthly title with its bigger weekly -- Print Week.
Haymarket said poor advertising revenue due to the economic slump was to blame for the suspension of the magazine.
Wayne Manning, Haymarket Print & Packaging Group publishing director, said: "The suspension of Printing World will enable us to focus our entire efforts on building on Print Week's position as the only must-read title in the industry.
"Haymarket is still 100% committed to the print industry; with 50 editorial staff and nine magazines and five websites globally. The suspension of Printing World is simply a reflection of the commercial reality of the economic conditions that affect our readers and advertisers."